Cardano ADA Q2 2023: Dapp Transactions Up 49%, TVL Increases 9.7%

Luisa Crawford  Aug 06, 2023 21:00  UTC 13:00

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Messari, a leading provider of crypto research and insights, has released its Q2 2023 report on Cardano, a prominent Proof-of-Stake (PoS) Layer-1 smart contract network. The report highlights key insights and developments within the Cardano ecosystem, providing a comprehensive overview of its performance, financial status, ecosystem, staking, and decentralization, along with notable community and development events.

Key insights include average daily decentralized application (dapp) transactions being up 49% QoQ, with Minswap experiencing the largest absolute growth. Total Value Locked (TVL) in USD was up 9.7% QoQ and 198.6% YTD, moving Cardano from 34th to 21st in TVL ranking across all chains. Hydra Head, an off-chain mini ledger, continued its development with proposed topologies and a demo shared. Projects like Milkomeda C1, Midnight, Wanchain, and IOG's sidechains team are working towards increased interoperability within the Cardano ecosystem.

The average transaction fee increased 8.5% QoQ from $0.117 to $0.126, still down 50.8% YoY. Daily active addresses declined 4.0% QoQ from 60,200 to 57,800. Average daily transactions were up 1.9% QoQ from 67,500 to 68,800. Cardano's average blockchain load increased from just under 40% in Q1 to over 50% in Q2.

ADA's price pulled back 26.9% QoQ after a 53.5% increase in Q1 but is still up 12.0% YTD. Cardano's Treasury balance grew 8.5% to 1.30 billion ADA during Q2, with the value in USD terms decreasing 20.7% QoQ from $452 million to $358 million.

Cardano's total stablecoin market cap grew 34.9% QoQ from $10.0 million to $13.5 million. Minswap, an automated market maker (AMM), ended Q2 with a TVL of $48.8 million and 32.2% dominance.

There were 1,921 unique stake pool operators (SPOs) in Q2, with the top 188 pools (6.5% of pools) accounting for over 50% of the total stake.

The 2023 Cardano Summit was announced to take place in Dubai in November. IOG launched a toolkit for building custom sidechains for Cardano, and Wanchain's bridge is now live on the Cardano preview testnet environment. Hydra, a family of scaling protocols, continued its development, with the first Head opened on the Cardano mainnet in March 2023.

Cardano's Q2 2023 report showcases significant growth in various areas, including dapp transactions, TVL, and development initiatives. The continued focus on interoperability, scalability, and community engagement positions Cardano as a leading player in the blockchain space, with promising prospects for the future.

Image source: Shutterstock

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